Even before COVID-19, the road has been a little bumpy for ViacomCBS since the company closed its long-awaited, $12 billion merger last December. The company’s stock has lost more than half i…
Tom Hayden Exits As President of Smithsonian Networks Amid Entertainment & Youth Group Integration & ViacomCBS Layoffs
On the company’s last earnings call in February, CFO Christina Spade said most of the anticipated cost savings would come from “from incremental opportunities across areas where Viacom and CBS have the most overlap – namely, duplicative organization areas, vendor sourcing and, to a lesser extent, real estate consolidation.”
Viacom and CBS spent six years under the same corporate roof before parting ways in 2006. After pursuing a merger, in fits and starts, for five years, the companies got their wish last year, closing an all-stock deal to bring together the two companies controlled by National Amusements. The combined company will get the chance to make its case again to Wall Street on May 7 when it reports quarterly earnings. Clearly, the company is feeling some of the effects of COVID-19. Paramount Pictures is unable to release theatrical films or make films or TV series and advertisers are pulling back from TV networks, including CBS, which is making do without live sports.
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ViacomCBS Chief Updates Staff On Layoffs, Cost-Cutting MeasuresAs ViacomCBS keeps up its plan for $750 million in post-merger cost savings, CEO Bob Bakish sent a note to employees on Wednesday as an update on the company&39;s progress.
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ViacomCBS Chief Updates Staff on Layoffs, Cost-Cutting MeasuresCEO Bob Bakish says the merged firm will 'streamline our operations, manage our costs as diligently as we can, and follow through on our committed post-merger synergy targets.'
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ViacomCBS CEO Bob Bakish Says Post-Merger ‘Streamlining’ Continues Amid Rumors Of Impending LayoffsAs rumors of impending layoffs continue to swirl around ViacomCBS, CEO Bob Bakish sent a memo to employees saying the company is continuing “to integrate and streamline our operations, manage…
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ViacomCBS Lays Off Staffers Across Organization Amid Ongoing Integration EffortsAmid the ongoing integration of Viacom and CBS, more staffers were laid off Wednesday at divisions across ViacomCBS, including at MTV News and elsewhere. In an internal memo, CEO Bob Bakish called …
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Smithsonian President Out as ViacomCBS Merges Branded GroupsSmithsonian Channel president Tom Hayden is out as ViacomCBS' larger reorganization continues
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Tom Hayden Exits As President of Smithsonian Networks Amid Entertainment & Youth Group Integration & ViacomCBS LayoffsIt’s been a brutal day across the cable networks of ViacomCBS in a new wave of post CBS-Viacom merger layoffs and reorganization. The highest profile departures have been in the Entertainment…
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